CHICAGO, March 26, 2024 /PRNewswire/ -- The growth of hybrid work patterns, enhanced by cutting-edge technologies like AI, AR, and VR for individualised, immersive experiences, is what will propel the Enterprise Video Market in the future. The market's growth towards smooth, efficient, and impactful video communication and collaboration solutions will be further shaped by advancements in edge computing and 5G technology, as well as tight integration with collaboration tools and an emphasis on security, compliance, and environmental sustainability.

 

The Enterprise Video Market size is expected to grow from USD 23.8 billion in 2024 to USD 35.8 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 8.6% during the forecast period period, according to a new report by MarketsandMarkets™.  Some crucial driving factors that leverage market growth include enhanced employee engagement and training, globalization and cross-border communication, integration of AI and analytics in video solutions, and demand for personalized customer experiences, among others.

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Scope of Report

 

The services segment will record a higher CAGR under offerings during the forecast period.

In the global Enterprise Video Market, the services segment is pivotal in offering support, maintenance, and consulting services to businesses using video solutions, which are covered broadly under professional and managed services. These services encompass installation, configuration, troubleshooting, and training to ensure seamless operation and optimal utilization of video platforms. For instance, a company providing enterprise video solutions may offer on-demand technical support to assist clients in resolving issues promptly, enhancing user experience, and maximizing the value derived from their investment in video technology. This proactive approach to service provision contributes to customer satisfaction and long-term partnerships in the Enterprise Video Market.

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Based on Solutions, video conferencing holds the largest share of Enterprise Video Market during the forecast period.

Video conferencing solutions are integral in the global Enterprise Video Market, facilitating real-time communication and collaboration among remote teams and stakeholders. These solutions enable users to conduct virtual meetings, share content, and interact face-to-face from different locations, enhancing productivity and efficiency in business operations. For instance, a multinational corporation may utilize a cloud-based video conferencing platform to host cross-border meetings, enabling geographically dispersed teams to collaborate seamlessly and make informed decisions. Such solutions streamline communication workflows, reduce travel costs, and foster agile decision-making processes, driving the adoption of video conferencing technologies across diverse industries.

By region, Asia Pacific will record the highest CAGR during the forecast period.

The Asia Pacific Enterprise Video Market is experiencing robust growth driven by regulatory reforms, technological innovation, and changing consumer behaviors. Countries like Australia, Singapore, and India have progressive regulatory frameworks promoting competition and innovation. The affordability and ease of enterprise video deployment would be the major driving factors for adopting cloud technologies. The increasing trend toward cloud-based solutions is expected to trigger the high growth of the Enterprise Video Market in this region. The rising adoption of various technologies, such as edge computing, IoT, NLP, and DRM, is expected to drive the need to store and process real-time data locally, thus increasing the demand for reliable and efficient Enterprise Video Market solutions. The increasing investments from private sectors, robust government support, and availability of a vast population drive the growth of new and emerging technologies in the region, especially in Australia & New Zealand, Singapore, China, Japan, and India.

Top Key Companies in Enterprise Video Market:

Some of the key players operating in the Open Banking solutions market are IBM (US), Microsoft (US), Avaya (US), Google (US), Adobe (US), Zoom (US), AWS (US), Cisco (US), among others.

Recent Developments

• In February 2024, IBM partnered with Wipro, where it announced the launch of the Wipro Enterprise AI-ready Platform. This service will allow clients to create enterprise-level, fully integrated, customized AI environments.
• In January 2024, Zoom launched the Zoom application for Apple Vision Pro, which seamlessly integrates video conferencing with users' physical surroundings, blurring the boundaries between in-person and virtual meetings. Through the expansive canvas offered by Apple Vision Pro, distributed teams can experience a heightened sense of connection and inclusivity during meetings. Zoom on Apple Vision Pro creates an immersive experience (spatial experience) to scale.
• In September 2023, Microsoft Advertising launched a new video ad offering called Video and Connected TV (CTV) ads (advertising strategy). CTV feature expands ad-serving possibilities simultaneously while leveraging audience intelligence, targeting high-value customers, and increasing the conversion rate. CTV ads are served across Microsoft's sites, publisher partners, and on connected TV in the US, namely (CTV) Microsoft Start, MSN, CNN, Hulu, the Washington Post, and the Wall Street Journal, among others.
• In January 2023, IBM Watson Media launched its brand-new IBM live-streaming video mobile application. The mobile app for video streaming enables simultaneous live streaming of multiple videos. Specifically designed for businesses, it includes AI-powered closed captioning. Administrators have the flexibility to edit these captions for better context and comprehension.
• In July 2022, Google partnered strategically with Miro, a visual collaboration tool provider. Miro will use Google Workspace to integrate its collaboration tools with the Google Meet video conferencing platform. The partnership will enable customers to share and access new and existing Miro boards during a video meeting over Google Meet.

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Enterprise Video Market Advantages:

• No matter where an employee is located, enterprise video solutions enable seamless collaboration, knowledge exchange, and engagement through effective communication inside the organisation.
• Organisations may provide employees, partners, and customers with on-demand training content, tutorials, and courses by utilising video-based training and learning programmes, which provide a more immersive and captivating learning experience.
• Meetings, presentations, and project discussions are made easier with the help of video conferencing and collaboration tools. This lowers travel expenses and allows distant teams to work together in real time, increasing efficiency and productivity.
• Enterprise video solutions assist organisations save on operating costs while still enabling effective communication and collaboration among employees and stakeholders. They do this by lowering travel expenses, meeting room fees, and commute time.
• With the help of live broadcasts, webinars, and virtual events, enterprises can reach a global audience through enterprise video solutions, which dissolve geographical boundaries and help businesses build relationships with partners, customers, and prospects throughout the globe.
• Flexible work schedules are supported by video-enabled remote work solutions, which let staff members operate from any location with an internet connection and maintain communication and engagement with coworkers and teammates.
• Compared to traditional text-based communication, video material offers a rich and dynamic medium for information delivery, marketing messages, and product demonstrations. It also captures audience attention and successfully conveys difficult topics.
• Enterprise video platforms assist organisations in optimising their video content and strategy for optimum impact by providing analytics and reporting tools that offer insights into viewer engagement, content performance, and audience behaviour.

Report Objectives

• To define, describe, and forecast the Enterprise Video Market based on offerings, applications, deployment model, organization size, verticals, and region
• To offer comprehensive details regarding the primary variables impacting the market's growth (drivers, restraints, opportunities, and challenges)
• To determine the high-growth market sectors to assess the opportunities for stakeholders in the market
• To forecast the market size for five major regions—North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America
• To analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall market
• To create a thorough analysis of the market's major players' profiles, market share, and fundamental skills
• To track and analyze competitive developments in the global Enterprise Video Market, such as product enhancements, product launches, acquisitions, partnerships, and collaborations.

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